The Directorate of Enforcement (ED) carried out search operations on September 4, 2023, in multiple locations in Bhopal under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). The operation was conducted in connection with the case of Peoples Group Bhopal and its associated entities, including Sarvajanik Jankalyan Parmarthik Nyas, Peoples University, Sarks Metal Pvt Ltd, and their Directors Rohit Pandit, Mayank Vishnoi, and others.
The investigation was initiated based on a complaint filed by the Registrar of Companies, Gwalior. The complaint alleges that directors of Peoples General Hospital Pvt Ltd, Peoples International & Services Pvt Ltd, and PGH International Pvt Ltd misused their positions by granting loans of over 250 Crore rupees at zero or significantly low-interest rates to related entities. This alleged wrongdoing resulted in financial losses for shareholders and undue advantages for the related entities.
During the search operations, authorities seized cash amounting to Rs. 8 lakhs and discovered several incriminating documents. These documents revealed details of loans extended to various related entities.
The investigation into this matter is ongoing as authorities continue to gather evidence and assess the extent of financial impropriety.
This development highlights the government’s commitment to combat money laundering and financial irregularities, aiming to ensure transparency and accountability in corporate practices.
